UAE Exchange Uses Ripple for Instant International Payments

UAE Exchange is in talks with Ripple to use their real-time cross border payments solution for their remittances services. Recently reported by Arabian Business . UAE Exchange has 800 offices across 31 countries. By using Blockchain UAE Exchange will save not only time in processing payments and remittances but also make it more affordable.

As quoted to Arabian Times, Promoth Manghat, CEO of UAE Exchange Group, stated, “UAE Exchange has been significantly investing in blockchain technology. In June this year, the brand invested in Loyyal, a blockchain innovator building a global loyalty network. The brand also joined Bankchain, a community of banks for exploring, building and implementing blockchain solutions, early this year and are in the process of tying up [a deal] with distributed ledger start-up, Ripple, for real-time cross border payments.”

According to Jameel Ahmad, Dubai-based vice-president of corporate development and market research at FXTM, “Adopting bitcoin for remittance and forex business is where the industry is heading.  It is a massive market: worldwide, around 230 million people send $500 billion in remittances every year, using traditional firms like Western Union, MoneyGram and other smaller players. Collectively, these remittance facilitators control over 1 million retail locations and handle more than 25 percent of the world’s annual remittance transactions.”